The Penguins have star defenseman Erik Karlsson’s name on the trade market and would move him “in a heartbeat” if the opportunity arises, sources tell Josh Yohe of The Athletic.
A move would mark the third trade of the three-time Norris Trophy winner’s career and the second within two years. Pittsburgh acquired him from the Sharks following his renaissance 2022-23 campaign when he erupted for a career-high 76 assists and 101 points on a San Jose team that won just 22 games. They paid a significant price to do so in the three-deal deal with the Canadiens, parting ways with assets like a 2024 first-round pick and serviceable backup, Casey DeSmith, but also partially shedding some dead-weight contracts like Mikael Granlund’s and Jeff Petry’s.
That return meant the Sharks aren’t retaining much salary on the high-paid, aging defenseman. His initial cap hit of $11.5MM, attached to his contract that runs through the 2026-27 season, was reduced to $10MM for Pittsburgh. As Yohe reports, the Penguins must retain additional cash to move him. For a contract with two years left on it, there’s a limit to how far they’re willing to go. They only have one salary retention slot remaining until Petry’s and Reilly Smith’s deals come off the books on July 1. If he moves before the deadline, they won’t be able to retain additional salary on potential trade chip Rickard Rakell.
Any trade talk could also be thrown out the window if Karlsson isn’t willing to waive his no-movement clause upon being asked. He initially waived it to facilitate the move to Pittsburgh, but it travels with him, retaining his power to block a move or waiver placement. While “many assume he would be willing to move on if asked,” Karlsson “seems to genuinely like playing for the Penguins,” Yohe said.
In any event, he and Rakell will remain Pittsburgh’s highest-value trade bait heading into the March 7 deadline after they shipped Marcus Pettersson and Drew O’Connor to the Canucks a few weeks ago. Any rumors regarding players like Kris Letang’s or Bryan Rust’s availability are unfounded, as Yohe adds general manager Kyle Dubas remains unwilling to ask them to waive their NMCs before the end of the season.
Individual defensive acumen has always been Karlsson’s biggest weakness, and it’s come to a head in Pittsburgh amid his age-34 season. The dynamic Swede remains a minute-muncher, averaging over 23 minutes per game for the Pens, but his overall possession numbers have continued to deteriorate. He remains an above-average player in that regard because of the sheer amount of offense he generates, though, logging a 52.4 CF% and -2.0 expected rating at even strength that still checks in above a good chunk of his Penguins teammates.
That, plus his three points in three games for Sweden at the 4 Nations Face-Off, is beginning to draw out trade interest, Yohe writes. A move remains possible ahead of the deadline but is more likely to happen this summer, a league executive told him.
Karlsson has played in all 59 games for the Pens this season and hasn’t missed a game since the 2021-22 campaign, so injury concerns won’t be much of a limiting factor. But after his explosion in San Jose, he’s averaged just 56 points per 82 games as a Penguin. He still leads Pittsburgh defenders with 6-34–40 this year, and a good portion of that has come at even strength. Whether that’s enough point production to sway teams to take a flyer on him at a cap hit that’s still likely to be in the $7MM-$8MM range with retention remains to be seen.
Image courtesy of USA Today Sports.
The problem with Erik Karlsson is that contractual AAV even with retention it’s still relatively high. Pittsburgh is going to have a challenge in moving him before the trade deadline as they are limited on who can take his contract unless some sort of technical deal can be arranged which will have challenges in itself. I don’t think Pittsburgh can move him until the offseason unless one of the few teams that can take his contract on decide to acquire him.
The problem with Karlsson is that Kyle Dufas signed him, He’s a turnover machine, And is incapable of playing defense, Let’s start awarding the Norris Trophy to more deserving defensemen. Gustav Forsling comes to mind.
Dubas didn’t sign Karlsson, he traded for him. That contract was signed with San Jose.
Semantics.
He likes it here for the most part, so the only way he’s moving is to a contender. What contending teams could use him?
None
Pittsburgh seems to have nothing but aging players with ugly long-term contracts.
Everyone knew the bill was going to come due eventually.
Don’t you mean the Islanders ?
It’s wonderful, I hope they stay irrelevant for years.
How about no?
Wrong again Wilf. Dubas didn’t sign Karlsson, he traded for him. But you tell everyone what the truth is.
Semantics.
An aging offensive defenseman on a team with the league’s oldest roster was always bound to be a complete disaster. His contract is an albatross, and very few teams are willing to tie up their cap for two more seasons. It was a boneheaded move when Dubas made it, and they’re going to be lucky to get anything of value in return. Let’s not even discuss what they gave up for Karlsson in the first place.
Shop til you drop, There’s a turnover on aisle 5.
He’s quite possibly the least defensively responsible defenseman I’ve ever seen.
The thing about swinging for the fences is more times than not you strike out and go back to the dugout.
That it didn’t work doesn’t bother me. What does is how little Karlsson seems to care. I see now why he’s never won.
That said, Karlsson at $5 million a year becomes an interesting asset again. If someone wants to offer something useful for him, use that last slot, sure.
Not sure Rakell needs retention, $5 million for a physical top line wing is a bargain as is. I’d be interested in moving him to NYR if they want him, I want both of their 25 and 26 picks. Would also be interested in a deal along the lines of Rakell for Seamus Casey (or maybe Nemec) if NJD wanted him.
Otherwise, we need two good wingers for Sid (Geno can play with scraps, as always).
Don’t you wonder why the GM who made the trade couldn’t see what you have seen regarding his effort level and ability to defend?
He’s kind of supposed to know these things lol, the rest of the league wouldn’t touch him.
Not sure that’s the GM I’d want running a long, tedious rebuild.
A player can only be retained 2x right cause it’s a shame you couldn’t do a 3 team trade So that he gets double retention? trade to a bad team like Buffalo at 30% retained and then Buffalo trades him to the actual team at an additional 50% of that Buffalo gets a good pick or prospect pits gets like a 5th and the acquiring team gets EK at like 4million
If the Pens retain, they can’t ask a 3rd team for help. In that case might as well as retain the max to maximize the return.
all depends on Crosby if he wants to stay with the pens they want nothing to do with EK contract as they’ll be to the ceiling the next 3 years
Crosby never leaving
Maybe something centered around Jones or Kreider.
I think he’s going to go in one of those underperforming vet for underperforming vet trades ala James Neal/Milan Lucic or OEL/Eriksson.
Does it make sense that both Rakell and Karlsson be shipped out to the same team with one of their salaries being entirely retained??